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Make in India celebrates 10 Years

Make in India celebrates 10 Years

The ‘Make in India’ initiative, launched in 2014, has recently completed 10 years in 2024.

Make in India celebrates 10 Years
[ref-logistics insider]

Key Highlights of the Decade (2014-2024)

Foreign Direct Investment (FDI)

  • India attracted USD 667.4 billion in cumulative FDI (2014-24), a 119% increase compared to the previous decade (2004-14).
  • Manufacturing sector received USD 165.1 billion in FDI, a 69% increase over the previous decade.

Production Linked Incentive (PLI) Scheme

  • ₹1.32 lakh crore (USD 16 billion) investments generated through PLI schemes.
  • Manufacturing output increased by ₹10.90 lakh crore (USD 130 billion) by June 2024.
  • Over 8.5 lakh jobs created both directly and indirectly.

Exports and Employment

  • Merchandise exports crossed USD 437 billion in FY 2023-24.
  • PLI schemes contributed an additional ₹4 lakh crore in exports.
  • Employment in the manufacturing sector rose from 57 million (2017-18) to 64.4 million (2022-23).

Ease of Doing Business

  • India improved its World Bank Ease of Doing Business ranking from 142nd (2014) to 63rd (2019).
  • Over 42,000 compliances reduced and 3,700 provisions decriminalized.
  • Jan Vishwas (Amendment of Provisions) Act, 2023 decriminalized 183 provisions across 42 Central Acts.

Key Reforms and Initiatives

Semiconductor Ecosystem Development

  • Semicon India Program worth ₹76,000 crore aims to develop semiconductor and display manufacturing with capital support and technological collaborations.

National Single Window System (NSWS)

  • Launched in September 2021, this platform integrates clearances from 32 Ministries/Departments and 29 States/UTs to provide faster approvals.

PM Gati Shakti National Master Plan (NMP)

  • A GIS-based platform launched in October 2021 for integrated multimodal infrastructure planning to reduce logistics costs and enhance efficiency.

National Logistics Policy (NLP)

  • Introduced in 2022 to reduce logistics costs, increase efficiency, and make Indian products more globally competitive.

Industrial Corridors and Infrastructure Development

  • 11 industrial corridors under the National Industrial Corridor Development Programme, with 12 new projects approved, involving an investment of ₹28,602 crore.

One-District-One-Product (ODOP)

  • Promotes local craftsmanship by fostering indigenous products. Unity Malls established in 27 states to showcase local products.

Startup India Initiative

  • Launched in 2016, the initiative resulted in 1,40,803 recognized startups by June 2024, creating over 15.5 lakh jobs.

Government Efforts to Boost Investment and Manufacturing

  • Comprehensive reforms including Goods and Services Tax (GST), reduction in corporate tax, and ease of doing business initiatives have been implemented to foster both domestic and foreign investments.
  • Programs like the Phased Manufacturing Programme (PMP), public procurement orders, and Quality Control Orders (QCOs) aim to promote domestic manufacturing.
  • Tools like India Industrial Land Bank (IILB), Industrial Park Rating System (IPRS), and Project Development Cells (PDCs) streamline processes for investors.
  • Initiatives such as Atmanirbhar Bharat, National Infrastructure Pipeline (NIP), and National Monetization Pipeline (NMP) turned post-COVID-19 adversity into an opportunity for economic growth.

Sector-wise Success

  • Transportation: Development of projects like the Vande Bharat Express.
  • Defence Manufacturing: Milestones like the launch of INS Vikrant, India’s first indigenously-built aircraft carrier.
  • Electronics: Establishment of Samsung’s World’s Largest Mobile Factory in Noida.

About Make in India

  • Make in India is aimed at transforming India into a global manufacturing hub and a leading investment destination.
  • Launched in: 2014
  • Led by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India.

Objectives:

  • Attract foreign investment and develop India’s industrial base to compete with global players.
  • Increase manufacturing sector growth to 12-14% per annum over the medium term.
  • Expand the share of manufacturing in India’s GDP from 16% to 25% by 2022.
  • Generate 100 million additional jobs by 2022.
  • Promote export-led growth.

Key Pillars of Make in India:

  1. New Processes: Emphasis on improving ease of doing business.
  2. New Infrastructure: Building state-of-the-art infrastructure for manufacturing.
  3. New Sectors: Focus on 27 sectors including manufacturing, infrastructure, and services under Make in India 2.0.
  4. New Mindset: The government acts as a facilitator rather than a regulator.

Make in India 2.0

  • Make in India 2.0 focuses on sustainability, innovation, and self-reliance.
  • Strategic interventions in renewable energy, green technologies, and advanced manufacturing aim to ensure that Indian products meet global standards.

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Frequently Asked Question:

What is the Make in India initiative?

Make in India is a government initiative launched in 2014 aimed at transforming India into a global manufacturing hub and leading investment destination.

How much FDI has India attracted under Make in India?

India attracted $667.4 billion in cumulative Foreign Direct Investment (FDI) between 2014 and 2024, marking a 119% increase from the previous decade.

What impact has the Production Linked Incentive (PLI) Scheme had?

The PLI Scheme generated ₹1.32 lakh crore in investments and increased manufacturing output by ₹10.90 lakh crore by June 2024.

How has Make in India impacted employment in the manufacturing sector?

Employment in the manufacturing sector rose from 57 million in 2017-18 to 64.4 million in 2022-23, with over 8.5 lakh jobs created through PLI schemes.

What is Make in India 2.0 focused on?

Make in India 2.0 focuses on sustainability, innovation, and self-reliance, with strategic interventions in renewable energy, green technologies, and advanced manufacturing.

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